Legislation

The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and finalized June 2020. The agency stated it was committed to working with the Federal Reserve Board and the Federal Deposit Insurance Corp. to issue a joint rulemaking to “strengthen and modernize” the CRA.

The decision followed a review initiated by acting Comptroller of the Currency Michael Hsu shortly after he took office.

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The Consumer Financial Protection Bureau entered a stipulation requiring the bureau to issue a notice of proposed rulemaking on the regulations to implement Section 1071 of the Dodd-Frank Act by Sept. 30, 2021.

The stipulation and proposed order are related to a case in the U.S. District Court for the Northern District of California. 

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The Office of the Comptroller of the Currency, Federal Reserve Board of Governors, and Federal Deposit Insurance Corp. have issued proposed guidance designed to help banking organizations manage the risks inherent to third-party relationships.

It is intended to assist institutions in identifying and addressing risk, including in relationships with fintech-focused entities.

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The Independent Community Bankers of America (ICBA) wrote a letter to the Department of the Treasury, asking it to examine abuses of the tax code that have caused increased acquisitions of community banks by tax-exempt credit unions.

In its letter, ICBA proposed an exit fee to offset tax losses imposed by these transactions.

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The American Bankers Association and the Consumer Bankers Association (CBA) both issued statements on President Joe Biden’s executive order designed to promote competition in the American economy.

“As consumer needs evolve, so must our nation’s leading banks,” CBA President and CEO Richard Hunt said. “Any sensible regulation should support these efforts, not stifle them.”

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The Consumer Financial Protection Bureau issued a new rule that amends the federal mortgage servicing regulations to facilitate a smooth transition as federal foreclosure protections expire.

The bureau said the amendments will help prevent a surge of foreclosures and protect the American economy as it recovers from the COVID-19 pandemic. The new rule will take effect on Aug. 31, 2021.

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MISMO is seeking comment on a proposed standard for commercial green utility data to facilitate an efficient exchange across the industry.

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In its sixth open meeting for 2021, the National Credit Union Administration approved a final rule removing the prohibition on the capitalization of interest in connection with loan workouts and modifications.

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The U.S. Supreme Court sided with a lower court ruling determining the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional.

“FHFA’s structure violates the separation of powers, and we remand for further proceedings to determine what remedy, if any, the shareholders are entitled to receive on their constitutional claim,” Justice Samuel Alito wrote in the Court’s majority opinion.

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In a 52-47 vote, the U.S. Senate voted to disapprove, i.e. rescind, the “true lender” rule finalized by the Office of the Comptroller of the Currency in October 2020. The House vote was 218-208.

The rule was initially implemented to clarify which entity the agency considers to be the lender when a national bank partners with a nonbank lender to determine what consumer protection laws apply.

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